Sec. 3. (a) The department may appoint a conservator for a credit union if the department determines that: (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2 (a) exist with respect to the credit union; or (2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union. (b) A conservator appointed under this section shall give any bond or security that the department considers appropriate. (c) The department may appoint any of the following as a conservator under this section: (1) A private insurance company authorized to insure deposits or share accounts in Indiana. (2) The National Credit Union Administration or its successor. (3) Any competent and disinterested person.
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